Off-market opportunity to acquire a 48-unit apartment community located on the San Francisco peninsula in Redwood City, CA. The seller was extremely motivated to sell this property at a discount, as he had already found an up-leg on an exchange. There has been some basic renovation at the property and the most recent rents are substantially more than the average in-place. Along with its clear and substantial upside, the property is well located in Redwood City, a new epicenter for employment as powerhouse tech employees such as Oracle, Box.com, Facebook, and Google have situated offices in the area.
- No. of Units: 48
- Acquisition Date: July 2016
- Acquisition Price: $15,000,000
- Renovation Costs: $968,000
- Projected Project Level IRR: 24.09%